SBF Wanted To Keep SEC Out Of Crypto Regulation: FTX Hearing

FTX Hearing News: The Congressional hearing on the FTX crisis is turning out to be very interesting with the comments from CEO John J. Ray III. As Sam Bankman-Fried continues to be in police custody in the Bahamas, CEO John Ray testified before the committee on Tuesday. In a latest, the Congress representatives said SBF wanted to keep the US Securities and Exchanges Commission (SEC) away from the crypto industry. Meanwhile, the crypto market reacted positively to the news of SBF arrest on Tuesday.

In the last 24 hours, Bitcoin (BTC) and Ethereum (ETH) prices rose by 5% and 6% respectively, in the last 24 hours, according to price tracking platform CoinMarketCap. As of writing, BTC price stands at $17,757, while that of ETH stands at $1,327.

Also Read: XRP News: Whales Move 442 Million XRP; Court Grants Deadline Motion

“SEC Out Of Crypto”

During the hearing, Congress Representative Brad Sherman began his statement with the mention of “inmate 14372” referring to SBF. He said the popular crypto personality had actually one intention, which was to prevent the SEC from regulating crypto industry. The hearing comes at a time when another major crypto exchange Binance is facing criticism for its financial reserves policy.

“Now Sam Bankman-Fried, or should I say inmate 14372, had one purpose in all of his efforts here in Congress. He’s a well-known figure, only one wearing shorts. His one purpose was to keep the SEC out of crypto.”

Earlier, CEO John Ray spoke about the irregularities in recordkeeping at FTX. He said there was literally no recordkeeping at FTX whatsoever. The CEO added that in terms of governance, there was no distinction between FTX and Alameda Research. Also, FTX is conducting the bankruptcy operations in an unprecedented way in paperless mode, he said. It was also revealed that FTX had lost over $7 billion in value.

Also Read: Where Is BNB Coin Price Headed To Amid Binance FUD And Withdrawals?